Energy Stocks Lift TSX Into Positive Territory as Oil Prices Rise
Energy shares lifted the S&P/TSX composite as crude oil climbed above US$80 a barrel on supply concerns, traders said.
- Canada's main stock index climbed on gains in the energy sector while the Dow Jones and Nasdaq faced downward pressure in late-morning trading.
- Crude oil prices surged US$3.95 on uncertainty regarding when the Strait of Hormuz could reopen, driving investor interest in energy stocks while impacting inflation and bond yield expectations.
- The TSX composite index gained 77.10 points to 36,458.33, while Barrick Mining Corp. shares fell 6.45% after the company reported its latest financial results.
- Étienne Bergeron, an economist at iA Financial Group, expects "noise" this week regarding trade relations between Canada and the White House as 50% tariffs are set to take effect Aug. 19.
- Transportation Minister Steven MacKinnon announced a $100-million rebate plan on Monday to cover half of freight costs for Canadian steel shipments, helping producers hit by tariffs offset domestic shipping expenses.
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Rocky Mountain Outlook
thealbertan.comTSX rises on materials and financials strength, U.S. markets post mixed results
TORONTO — Canada's main stock index gained ground Wednesday, helped by strength in the basic materials and financial sectors, while U.S. markets were mixed. The S&P/TSX composite index was up 186.22 points at 36,662.14.
@ the Bell: Trade discussions and energy gains lift equities
Canadian equities moved higher on Wednesday, led by advances in mining and financial shares. The gains came as Federal Trade Minister Dominic LeBlanc continued diplomatic efforts with US officials, meeting them for the third time in three weeks to seek a resolution before proposed tariffs are imposed on August 19. Energy markets also remained in focus, with oil prices extending recent gains due to ongoing tensions in the Strait of Hormuz. Concer…
TSX Composite Index outlook ahead of Barrick Gold, Franco-Nevada earnings
The TSX Composite Index has soared this year, even as gold prices have recoiled. It has jumped by 14.35% this year and 30% in the last 12 months, outperforming the S&P 500. This week will be important for the Canadian fund as top companies like Barrick Gold, Franco-Nevada, and Constellation Software release their earnings. Top TSX Composite Index stocks to release earnings The TSX Composite Index has jumped to a record high this year amid a rall…
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